5 Useful Tips for Finding a Financial Adviser

LifeTime Financial Group has summarised the 5 most useful tips to help you find an adviser appropriate to your needs.

So you’ve come to a point in your life where you want to start planning for your future, perhaps you’ve started a new job, come into some money or simply want to retire comfortably. Whatever the reason may be, it’s always a good idea to start thinking about your future.

So how do you start planning? Well, most often people will seek professional advice from a financial planner.  If it’s your first time seeking financial advice the process can be quite daunting, there is a lot of information out there and knowing who you can trust to help you plan your future requires some thought.

Heplful Tips

Here are a few tips to help you when seeking out a professional.

  1. Before you start looking, ask yourself what you are seeking advice on.
    • Do you want a comprehensive evaluation of your finances?
    • Are you considering investing your funds and don’t know where or how to start?
    • Do you want to make sure you’ll have enough money put aside after retirement to be able to live a comfortable lifestyle?
    • Or do you want to look at your insurance options to make sure protected and that you loved ones will be taken care of in your absence?

      You want to find an adviser that’s the right fit for your needs and asking yourself these questions and determining the scope of your needs will help narrow down your search.
  2. Start
    Ask your friends, family, and co-workers for some recommendations.  You’ll be surprised how willing people are to share.  This will give you an idea of what sort of services are out there and help you in your pursuit of seeking an adviser that offers what you’re looking for.
  3. Do your research
    Once you’ve narrowed down your search, take the time to research the type of services the adviser offers.  Check what current qualifications they hold. If there are reviews, read them. Check their employment status and their working history.  The ASIC’s Money Smart website provides a Financial Adviser Register for people who give personal advice, the register allows you to search for a financial adviser by name, number or ABN.  This could give you some useful insight into where the adviser has previously worked, what training they’ve taken part in, their current membership status of any professional bodies and most importantly, what sort of products they can advise on. When you find an adviser that resonates with you, why not give them a call to see how they can help you?
  4. Don’t feel pressured
    In your pursuit, you will come across a plethora of advisers. All of whom will be eager to help you. However, it’s important to take your time. Afterall, this is your financial future at stake.

    Don’t be afraid to ask questions including fees and charges. Be upfront about what you are willing to spend, you never know, an adviser may offer a complimentary initial meeting.
  5. Do you want to deal with a bank owned or controlled planner?

    When you have selected an advisor you would potentially like to work with, establish if they are owned by or controlled by an institution. This is a very important point.

    Financial Planners who work for large institutions use the products developed by those institutions. This may not be a bad thing. You may feel comfortable working with an institution such as CBA via their Financial Wisdom advice network. Equally, seeing a planner at an Industry Fund will result in you been sold a product owned and controlled by that fund.

    If you prefer to deal with someone not aligned with a large institution, then the association of independently owned financial professionals is a great starting point. You are able to search for a planner on their site. Click here to start your search.

There are plenty of potential candidates out there so take your time, do your research and feel comfortable with the decision you make, at the end of the day this is your future you’re planning for.

LifeTime Financial Group are specialist financial advisers (holding appropriate accreditations) who are ideally positioned to assist you. Anthony Stedman and Adam Watts both hold specialist accreditations with SPAA as specialist Self-Managed Superannuation planners. We are members of Association of Independently Owned Financial Professionals.

Would you like to discuss your personal position further with one of our highly qualified financial planners? Why not call us today on 03 9596-7733.

There is no cost or obligation for our initial conversation/meeting.

Written by Anthony Stedman of LifeTime Financial Group. A leading privately owned Melbourne based Financial Planning practice

  ASIC Money Smart (Financial Advisers Register)


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